Thursday, December 24, 2015

Zimbabwe officially adopts Chinese Currency as Legal Tender

(CNN)Zimbabweans may soon be able to shop in yuan, after their government reiterated that the country will adopt the Chinese currency, following the cancellation of about $40 million in debt.

Since 2009, Zimbabwe has used the dollar and the rand in lieu of its own currency, which it abandoned after hyperinflation of more than 5,000% made it essentially worthless.

This year, several key African currencies have taken a significant hit, as economic growth slows, and falling prices for major export commodities reduce the flow of dollars into the continent.

In Nigeria, the continent's largest economy, the Central Bank has restricted access to dollars, in an attempt to slow the flight of hard currency out of the country, and to prop up the local currency, the naira.